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| 正面描述 | Portrait vignette of José Estêvão Coelho de Magalhães in an ornate medallion at left, with a large guilloche rosette at centre bearing the denomination numeral '20' and inscription 'VINTE ESCUDOS'. An allegorical female figure holding a terrestrial globe appears at right. Serial number and 'Ch. 3' chequebook designation at upper right. |
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| 背面描述 | Central ornate cartouche bearing 'BANCO DE PORTUGAL' in bold letterpress, flanked by two classical female portrait vignettes in profile at left and right. The Portuguese coat of arms surmounts the cartouche at top centre, framed by elaborate acanthus scrollwork. Denomination '20 Escudos' appears in script at lower left and a decorative numeral '20' vignette at upper right. |
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Pick 116 belongs to the postwar inflationary period when Banco de Portugal was under extraordinary pressure to expand the money supply. Portugal had entered the First World War in 1916 partly to protect its African colonies from Allied partition, and the fiscal cost proved ruinous — by 1920 the escudo had lost the vast majority of its prewar purchasing power, and notes of this denomination were circulating alongside a cascade of emergency cédulas issued by municipalities and commercial houses to address the chronic shortage of small change.
The "Diário de Notícias" suffix in collector nomenclature refers to a promotional album series issued by that Lisbon newspaper decades later — the note itself predates that association entirely.